Oil falls to lowest level since Feb, 2005
Oil fell below $46 a barrel to its lowest in nearly four years today, extending four consecutive days of declines in response to the bleak outlook for the world economy and oil demand.
Oil prices have dropped more than $100 a barrel from an all-time high of $147.27 hit in July.
U.S. light crude for January delivery was down 70 cents to $46.09 a barrel this morning. It earlier touched a low of $45.30, the lowest since Feb. 9, 2005.
London Brent crude was down 81 cents at $44.63.
Prices briefly rose yesterday when U.S. Energy Information Administration data revealed an unexpected fall in fuel inventories last week in the world's top energy consumer.
Crude stocks, for example, fell 400,000 barrels in the week to Nov. 28, against an expected 1.7 million barrels build.
Stocks of gasoline and distillates, which include heating oil, also showed surprise falls.
But U.S. refinery utilization fell 1.9 percentage points to 84.3 percent of capacity against a predicted rise of 0.2 percentage point, pointing to weak demand.
"Refiners began to cut processing rates significantly," Jan Stuart, economist in New York for UBS, said in a report.
Oil producer group OPEC will consider another round of output cuts to try to defend prices when it next meets on Dec. 17 in Algeria.
"For sure we will cut in Oran (Algeria)," Qatar's oil minister Abdullah al-Attiya said yesterday.
Oil's fall since July has mirrored the global economy's slide towards recession.
European central banks are expected to cut interest rates later today to try to restore some vitality to their feeble economies.
Sweden's central bank has cut by a record 175 basis points, prompting speculation of dramatic cuts elsewhere.
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J. Abela
Dec 4th 2008, 21:51
Why do we have to get ripped out out of everything?
We've got families and a life to live, stress and pressure to deal with.
Why everything is expensive in Malta?. I am quoting many of the tourist who visited Malta.
Guess what's the answer?. Taxes + taxes + rip off + injustice....
Robert Piscopo
Dec 4th 2008, 19:42
Its amazing how our fuel prices go up and necer go down. I ask myself, where is the EU and our MEPs in these situations?
Joseph Galea
Dec 4th 2008, 19:04
Many a state is trying to put fuel to try and kick start economies, particularly now that it is at its record low in the last 5 years.
We on the other hand are trying to re-invent the wheel.
A square wheel needs alot of push to tumble, particularly uphill.
We are running out of energy and no amount of free light bulbs will reanimate us.
Stop and rethink please. If you admit your mistakes you will get alot of flax but you will gain more respect in the end.
It takes a big man to go back on his decisions.
Show us you are this big man we voted for, before it is too late.
joe the plumber
CMcelhatton
Dec 4th 2008, 17:01
In 2013
michael fenech
Dec 4th 2008, 16:36
Petrol in Toronto to-day is at 48 uero cents a liter. How much is it here?????????
alex coppola
Dec 4th 2008, 15:29
As a new year gesture, prices for petrol and diesel should be lowered considerably and help the Maltese economy to recover, whilst leaving more money in people's pockets.
Then the water & electricity tariffs should come next if the trend of oil price reductions continue.
Criss Camilleri
Dec 4th 2008, 15:13
I do not say, 'when are we going to get proper pricing?' but I say, 'WHEN ARE WE GOING TO BE TOLD THE TRUTH' about our Tariffs?
Why doesn't the Govt admit and tell us that he has run out of funds, thus these high prices.
Albert Bezzina
Dec 4th 2008, 15:07
In February, hopefully, fuel at the pumps would be expected to go down at least Euro 0.30. I am confident that the drop in price will be countered with a hike in excise tax on fuel. This should be done to reduce registration tax on imported passenger cars or at least to get a fleet of hybrid or flexi-fuel public transport vehicles (one year's supply of 30 cent per litre excise tax will buy us at least 200 full sized hybrid buses and another 150 smaller clean buses) My suspicion is that the rise in excise tax will be used to build a 'Pater Dei' of a new parliament in Valletta so the highest institution of the land can continue taking the Mickey out of us! - and in full view!!
Stephen Spiteri
Dec 4th 2008, 13:57
When Gordon Brown said he expected petrol at the pump to go down in price, this happened the next day in the Uk. In Malta we have to wait 4 months according to our leaders.
lgalea
Dec 4th 2008, 13:31
K Camilleri
When we get rid of this incompetent and arrogant Gonzipn.
Alex Ellul
Dec 4th 2008, 13:02
The price of electricity in the USA as quoted today in bloomberg.com is around ($50 per Megawatt Hr) that is 5 US cents a unit, that is around € cents 3.9 per unit.
http://www.bloomberg.com/markets/commodities/energyprices.html
Can anybody explain? Am I picking the wrong information?
K Camilleri
Dec 4th 2008, 12:18
And Maltese are still paying for $147 pb when buying petrol or diesel! When are we going to get decent pricing???